Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Retailers report modest sales gains

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Associated Press
Published:
NEW YORK -- Several retailers reported modest sales gains for September as shoppers who were worried about a partial government shutdown and the overall economy pulled back their spending from the prior month.
The results increase concerns about how shoppers will spend for the crucial holiday season, the largest shopping selling period for retailers.
Revenue at stores opened at least a year -- a measure of a retailer's health-- rose 2.0 percent in September, according to a tally of 10 retailers by the International Council of Shopping Centers. That was a slower pace than the 3.5 percent increase posted in August.
L Brands, the parent of Victoria's Secret, and Costco Wholesale Corp. were among the chains that reported results that missed Wall Street estimates, while Stein Mart Inc. posted results that beat analysts' expectations. Gap Inc., which operates its namesake chain, Old Navy and Banana Republic, reported a surprise, stalling a momentum it had enjoyed since early last year.
Only a sliver of retail chains report monthly sales figures, and the list doesn't include Wal-Mart Stores, Macy's Inc. and many other large chains. But it offers some clues into consumer spending heading into the holiday shopping season.
September was a difficult month. Warmer-than-usual weather hurt sales of sweaters and other fall clothes. But economic concerns also dampened sales.
Shoppers worry that the partial government shutdown, which is on its tenth day and has forced several hundred thousand federal workers off the job, will be prolonged. That, and the possibility that politicians won't resolve their deadlock over the federal debt limit before the U.S. Treasury's borrowing authority is exhausted next week, adds to the concerns.
But hope was rising that the deadlock will be resolved soon. Republican leaders said Thursday they would vote to extend the government's borrowing authority for six weeks. A spokesman for Obama said the president would "likely" sign a bill to increase the nation's ability to borrow money so it can continue paying its bills.
The worries from Washington had compounded challenges retailers have had in trying to get shoppers spending again. The job and housing markets are improving, but that hasn't yet translated into sustained spending increases among most shoppers.
Story tags » RetailShopping

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus

Market roundup